Endowments

Over 125 years ago, the first parishioners were beginning to plan for the future of Sacred Heart Parish.

This opportunity continues today.

Just as our forefathers were blessed with the insight to insure the future of the Catholic church in Norfolk, we now have our opportunity to continue the legacy of faith and insure that Sacred Heart Parish and Norfolk Catholic Schools remain strong and viable for the generations yet to come.

The Endowments of Sacred Heart Parish remain an unwavering provider of revenue for sustaining the present as well as securing the future. The ability of the endowments to provide for the needs of an ever growing and dynamic faith community depends upon our generosity today.

WHAT IS AN ENDOWMENT?Endowments, by legal definition, are an excellent way for a non-profit organization to establish a type of savings account that is invested for the long-term financial health of the organization. The principal, the funds invested in an endowment, can never be spent. The interest earned, dividends and capital gains can be used by the organization each year or re-invested.

HOW DOES SACRED HEART DETERMINE INCOME FROM THE ENDOWMENTS?Our Distribution Policy states that a five-year moving average of the value of the endowment is used as a basis for determining the value of the endowment. Sacred Heart considers 5% of that value to be able to be used towards operating costs, tuition assistance or donor-specified reasons.

HOW DO I CONTRIBUTE?Gifts can be made at anytime, for any amount, in honor of or in memory of a loved one. Gift certificates can be provided if you’d like to remember someone on a special day such as Mother’s Day, Father’s Day, birthdays or Christmas. Unlike material items, your gift will provide for Sacred Heart Church and Norfolk Catholic School for a LIFETIME.

AM I ACKNOWLEDGED FOR MY GIFT?It is your choice to remain anonymous or to be publicly thanked. Gifts of $10,000 or more (over a 3-year period) can create a "Named Endowment" and can be included on our "Legacy Wall" located in the Parish Center. (See information below regarding the Legacy Wall.)

WHAT IS A "NAMED ENDOWMENT"?A gift of $10,000 over 3 years creates a “Named Endowment” and forever perpetuates your family name, establishing a legacy that lasts for generations. Named Endowments can support specifically the church or the school.

CAN I STIPULATE WHERE THE MONEY GOES? You can direct your endowment gifts to either the Sacred Heart Parish Endowment or the Norfolk Catholic School Endowment.

Sacred Heart Parish Endowment

Sacred Heart has had a presence in Norfolk since 1881. The parish continues to meet the spiritual needs of the Catholic community. In 1987, the Sacred Heart Parish Endowment Fund was created.

The by-laws clearly stipulate that the endowment was formed and would be operated for the support and benefit of the Sacred Heart Church...for the purposes of furthering the religious and educational purposes of the church through the operation of its parish and its religious education program.

They also clearly stated that only the income earned on the fund would be used for parish support, while the principal was to be held to produce income.

Norfolk Catholic School Endowment

In 1999, the Norfolk Catholic School Endowment was created so that all students may have the opportunity to receive a Catholic Education. The interest from the endowment funds help cover the expenses of running our Catholic School and therefore decreases student cost making Catholic education affordable to all families.